CEE investor Nanette has signed a preliminary agreement to purchase a 3.24-hectare plot of free hold land, which is located in the 9th district of Budapest. The group plans to build approximately 1,800 apartments on the site, with a net saleable area of around 90,000 m[sup]2[/sup]. Total costs are estimated at EUR 115 mln. In a statement, the company said that the plot is already designated for residential use and it expects to raise proceeds of EUR 145 mln from the sale of the apartments.
CEE investor Nanette has signed a preliminary agreement to purchase a 3.24-hectare plot of free hold land, which is located in the 9th district of Budapest. The group plans to build approximately 1,800 apartments on the site, with a net saleable area of around 90,000 m2. Total costs are estimated at EUR 115 mln. In a statement, the company said that the plot is already designated for residential use and it expects to raise proceeds of EUR 145 mln from the sale of the apartments.
Nanette said it will finance the initial acquisition cost from existing cash resources, with the remaining being financed by investment bank Lehman Brothers. The bank also has an option to acquire a 50% stake in the project.
